The International Monetary Fund (IMF) has approved a new loan of USD 606 million (around Ksh 78 billion) for Kenya. The loan comes as part of ongoing support for the country’s economic programs, following the IMF Board’s recent review.
In a statement issued on Wednesday, October 30, the IMF highlighted that these funds are intended to help Kenya improve public financial management and build resilience against climate-related challenges. The funding aligns with Kenya’s commitment to economic reforms aimed at fiscal stability and sustainable growth.
This latest loan follows the IMF’s review of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) agreements, initially approved in April 2021, as well as the Resilience and Sustainability Facility (RSF) established in July 2023. The financial assistance underscores the IMF’s continued support for Kenya’s reform programs amidst its economic recovery and development goals.